The move is expected to drive business concepts with commercialization potential for 3M and enable 3M to offer complementary products for energy consumption management as a total package. Synergies are expected through the conception of new technological developments and joint sales activities.
Stefan Gabriel, president of 3M New Ventures, said: “We are investing in Energy Inc for its high speed of innovation and entrepreneurial approach to serving customers in this fast-growing energy monitoring market.”
Dolph Rodenberg, president of Energy Inc, said: “3M’s participation means that we have access to one of the most innovative research resources in the world, and also to a powerful international distribution network. This will help us move faster towards our goal of global growth.”
Energy Inc’s product, The Energy Detective (TED), allows real-time residential energy data to be viewed remotely via the internet.
